Mortgage Loan Originator Talks Inflation and Its Impact on Homeownership

As of June 2023, inflation has gone down to 2.97%. Compared to the previous year where inflation hit a 40-year high of 9.1%, this is a notable decrease. It’s a sign that things are trying to improve, the keyword there being “trying”. Even though we are seeing a significant decrease in inflation rates, the Consumer Price Index (CPI) is still high. Unfortunately, this means that many things are still being impacted, such as food, clothing, shelter, and sales taxes.

This does, unfortunately, mean that crucial expenses, like mortgages, have been impacted by these numbers as well, which has left prospective homeowners in a particularly difficult lurch. Mark Steven Fisher, CEO of The Fisher Mortgage Group headquartered in the Bronx, has sat down to talk with us about the current state of the home buyer’s market.

DM: Hey, Mark. Glad to have you. Thanks for speaking with us today. Would you mind telling us more about yourself?

Mark Steven Fisher: I’ve been working to help our community, both locally and across 12 different states, achieve their goals of homeownership since 2011, and I am proud to say that I have been a part of over 2,000 families’ journeys to homeownership.

DM: What motivated you to start Fisher Mortgage Group (FMG)?

Fisher: Starting out 12 years ago, I was just a one man show, but I’ve expanded since then. I have so many amazing individuals that help provide our clients with an amazing experience and truly make owning a home simple and transparent. I’m a big advocate of not over complicating things, so we always try to do our best to simplify things as much as possible.

DM: Every company has a community or “niche” that they’ve carved out for themselves, and it seems that FMG is popular with families. How has that been going for you?

Fisher: It’s been going great. Having a family now myself with a wife and two children is even more meaningful because I know the impact that homeownership has on a family long-term. It provides stability, a place to call home, and a piece of the American dream.

DM: The pandemic, inflation, and the CPI have both impacted the buyer’s market in their own ways. What are your thoughts about these changes, and how have they impacted your work, if at all?

Fisher: Inflation goes hand and hand with mortgage rates. So, as we saw record inflation numbers last year, mortgage rates and affordability took a big hit. But inflation has come down considerably from those highs, and it’s only a matter of time before mortgage rates catch up and come down with it. Which is something of a blessing and a curse. The only issue is that, as rates come down, that drives more buyers into the market and pushes prices higher again.

DM: Some people are determined to buy a home. But as they waited and prepared themselves, they were hit by the pandemic and now inflation. Do you have any advice for people who feel like there’s no “good time” to buy a home in these circumstances?

Fisher: I think it’s like trying to time the stock market: most of us aren’t going to get it right. Oftentimes, we get it completely wrong. People also called for a “market crash” for the past 3 years, but the market has continued to appreciate due to the lack of inventory. My best advice is to stop trying to time the market and buy a home as soon as it’s affordable for you. When inflation and mortgage rates come down, there will be another surge of buyers that will drive prices even higher.

DM: We’ve heard that you also lead virtual workshops on a fairly regular basis. What are these workshops about?

Fisher: These workshops are all about empowering people and helping them understand the process of purchasing a home by breaking it down into easy-to-understand pieces. Many people think that it takes months of research before they will be ready to buy a home, which simply isn’t true.

DM: What’s next for you and your company?

Fisher: We plan to continue growing our team and helping even more families achieve their homeownership goals. We’re known for helping underserved communities and people that need that little bit of extra help to make it to the finish line.

DM: Mark, thanks for your time. Before we close out, do you have any last thoughts for our readers?

Fisher: Educating yourself and then taking action is key. The longer you wait, the more like it is that you’ll likely miss out on potential equity growth. The market appreciates on average by around 4% annually, although we’ve seen much stronger numbers than that in the last few years. This year alone, we are on track for around 5-8% appreciation. Unless something drastic happens, real estate isn’t going down in value.

ABOUT MARK STEVEN FISHER

For over ten years, Mark Steven Fisher has helped over 2000 families achieve their goal of homeownership, totaling over $1B in closed loan volume. The company offers mortgage service in English and Spanish to service a broad spectrum of underserved and underrepresented communities in the Bronx and the greater New York area. A Fordham University Gabelli School of Business alumnus, founder and CEO of the Fisher Mortgage Group, and Regional Vice President of UNMB Home Loans Inc., he accredits his success to three key things: Relationships, Communication, and Honesty.